Andrew Sold Land to Becca,Andrew's Daughter

question 7

Multiple Choice

Andrew sold land to Becca,Andrew's daughter.The fair market value of the land was $300,000 (basis $250,000) .Becca agreed to pay Andrew $300,000 over 8 years.Becca immediately sold the land to Olga for $300,000 cash.The gain of $50,000 must be recognized

• A)by Becca in installments.
• B)by Becca when Becca sells to Olga.
• C)by Andrew when Andrew sells to Becca.
• D)by Andrew when Becca sells to Olga.

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